Mixed-Income Housing…Will it Finally Be Favored?

Two of Century’s largest clients, Meta Housing and AMCAL Multi-Housing, are featured in an article about mixed-income housing in the March/April 2012 issue of Urban Land. The author, Patricia Kirk, highlights several public-private ventures in Portland (OR), Austin, and especially Southern California, where public agencies financial assistance made vibrant communities with a range of income levels possible.

kirk_3_351

Meta Housing received financial help from the city of Tustin for Coventry Senior Apartments

Meta Housing developments in HollywoodTustin, North Hollywood, and Long Beach are prominent, given the variety of  financial structures that combine public and private funds.

[T]he 200-unit mixed-use, mixed-income Long Beach Senior Arts Colony, [d]esigned as a transit-oriented development (TOD)… is funded with nearly $26 million from government programs designed to revitalize communities with social and environmental considerations. Funding includes Proposition 1C TOD and infill infrastructure grants made possible with federal stimulus funding through the state Department of Housing and Community Development, as well as funding from CCRC, the Long Beach Economic Development Corporation, locally based affordable-housing lender Century Housing, and Wells Fargo bank.

It is good to see mixed-income developments shown prominently in publications like Urban Land, because the rapidly declining amount of resources available to “classic” tax credit developers means that they must change with the times and get public funds to stretch farther. Including both low and middle income residents in a developments allows the scarce low-cost money to be used more effectively, and, when a good developer is involved, a vibrant community that benefits the residents and the neighborhood.

1 reply

Comments are closed.